Forex constant range bar indicator

Constant Range Detector - indicator for MetaTrader 4.

Info: Constant Range Detector indicator.

Note: This indicator is intended for use with Constant Range Charts: Range Bars or Renko Boxes, not standard candles - bars.

Constant Range Candles and Charts are also referred to as Range Bars (RB) and Range Bar Charts . Constant Range Candles / Bars all have the same pip range value from high to low. Standard Candles / Bars all have different pip range values from high to low. The indicator computes the pip range of the 8th historical candle / bar from the current candle / bar. As each new candle / bar is formed the 8th historical candle becomes the next candle to the right. Because all range candles / bars have the same pip range value each successive 8th candle produces the same fixed range output. If the indicator is used with standard candles / bars the range output will not be fixed but will differ with each new candle / bar.

Constant Range (CR): CR 50.

LCrudeAug12: 79.58 High - 79.08 Low (a random candle data chosen for illustration)

Note: Be aware that Data Window will return High - Low subtraction values of 150 for 15 pips, 200 for 20 pips etc, on 3 & 5 digit pricing.

Constant Range Chart: CR 10.

WTI-Oil: 200 LWMA - Williams Aligator (click chart to enlarge)

Ask - Bid + Spread Indicator in above charts can be got.

Constant range bar.

I'm trying to find a Constant range bar indicator for MT4, also known as a pip range bar, momentum range bar. Its not the same as a renko bar. A CRB shows a candle as it develops but only shows a closed candle when a specified range is reached e. g. if you enter 20 pips as your range a closed candle is not formed until it is 20 pips in size and has no bearing on time.

I've tried the wlas indi but it just does'nt work properly.

so we need a kind programmer to fix this and finally see it in action.

so we need a kind programmer to fix this and finally see it in action.

Are you offering?

Kardamon's seems to work well but it does'nt allow volumes to display properly unfortunately.

Kardamon's seems to work well but it does'nt allow volumes to display properly unfortunately.

So, I have to think about it. ;-)

first, clarify the Question.

same candle length or same candle length + exactly same price levels for all candles.

1> I guess , you might consider program yourself, there is an indicator call bar range (approx) that will show each Candle length -- but it will show a number, but not redraw the bar.

many indicator draw and repaint the candle on top of it -- if you build an array, compare the number of candle length, then paint a certain color -- if it is the same LENGTH-- but all these array and programming, does not sounds easy.

2> try the circle instead, if all the circle the same size, they are about same bar length -- but I guess you are trying to profit in very volatile market , but it is kind of RANGE trading.

ONLY way that you may use it - is -- 10 minute, it is so volatile , i. e. you have identify a spot that is bi-directional.

the encl.. is not what you want, but kind of splat.

[you are doing ranging, and people may not understand your TF -- so that could be hard for someone to code it -- have to be a logical and profitable reason to do it, like offer sth]

4 Reasons Why You Should be Trading with Range Bars.

As traders, we should always test different ways of trading to try and find something that will give us a better edge in our trades. We should not be afraid to explore new approaches that have not been readily used in the trading arena.

Trading with Range Bars is a method that qualifies..

What’s a Range Bar?

Basically, a range bar is a bar that has the same price increment and each bar closes either at the high or the low, regardless of where it opened. So, if you want a range of 5 points on the Dow, set your range to 5. Every time the Dow moves 5 points up or down in total for that bar, it will complete the current bar and start a new one. Time has no effect.

This can give us an edge in markets that are moving sideways or are very flat. Take a look at the following charts.

Chart 1 – Russell Time Bars.

Chart 2 – Russell Range Bars.

These two charts cover the Russell for the first 2 hours of trading. Chart 1 uses time-based bars and Chart 2 uses range-based bars. As you can see, it is much easier to trade and see trends in price action on a range bar chart (not to mention we had 3 winning trades). Now take a look at what a time chart looks like with the same price action. You can see the dramatic difference.

1 – Range Bars for Forex traders.

Trading is simple, but not easy . A key to success is eliminating the constant “noise” that so efficiently clouds trade signals. Forex traders understand this all too well. Unexpected news, technical “violations” and geo-political events can create doubt and confusion. Doubt and confusion creates hesitation. You hesitate, you lose.

Range bars help show you the picture of what price is doing. It does not matter what indicators you use, they will respond much faster and give a clear pattern to improve your trading.

2 – Range Bars are available on Metatrader.

It used to be that with Metatrader you only had the option of trading with time charts, but not anymore! You can now use range bar charts and reduce market debris such as long wicked whipsaw bars, stalls and consolidation. All of these can prevent traders from clearly seeing the market as it unfolds .

You’re probably thinking, “Wait! Everybody uses time-based charts” and you’re right, and that’s the problem. Replacing time-based indicators with range bars may very well replace your losses with profit.

3 – The Trading with Range Bars Edge.

The greatest edge of a range bar is that the information displayed is directly relevant to your trade. When using a time-based technical signal, your trade is late by definition. The price footprint must first occur before you see it. The range bar is valued by technicians because unlike a chronology-based signal, a range bar is the actual price parameter a currency has established over an undefined amount of time .

For example, an 8-pip range bar candlestick shows the trader a definitive trading range. A break above or below this range isn’t a “violation” but a price expansion. How does this help the trader? The signal accuracy available for a long or short trade using range bars is phenomenal, controlled, and emotionless.

4 – Have you ever thought about it this way?

If you trade the Forex market and you seek to make 8 Pips on a trade wouldn’t it be more useful to pull up an 8 Pip candlestick chart? Yes it would be. An 8 pip candlestick would ignore time and instead concentrate on price movement alone, and price is what ultimately matters.

Once the currency trade moves outside the 8 Pip range, another candlestick will form, no matter how many minutes or seconds this may take.

For the trader accustomed to viewing time-based candlesticks, not to worry. The visual look of the range bar chart is the same as a time-based candlestick, but you may find a clarity you never thought possible.

Chart 3 – 5 minute EURUSD Metatrader chart.

Chart 3 is an example of the EURUSD with Metatrader and 5 Minute Intervals. Not too bad, but I think you will like the range chart better.

Chart 4 – 5 range EURUSD Metatrader chart.

Now compare Chart 3 and Chart 4. Notice how long the tight range of chop is on the 5 minute chart. Compare that with the smooth price action on the range chart. You clearly pick up the trend in price action. On the time chart we would get into the trade and really not know if we were out of the chop. Not to mention we did not make as much.

All of the coaches/traders here at NetPicks constantly look to improve their winning edge through improvements to the systems and general trading practices. Adding range bars has had a positive effect across all the markets we trade. As an educational and training company, we look to pass this along to our loyal customers and fellow traders everywhere.

Good trading, and hope to see or speak to you soon.

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7 Responses to “4 Reasons Why You Should be Trading with Range Bars”

Robert June 14, 2011.

Great information. I have been married to time charts for a long time but it is time to explore the field. Where is the best place to get the range chart protocol?

Do you know where I can acquire range bar chart for MT4? I recently started with the MT4 platform.

I certainly do. Here you go Same:

Sounds very good. Any link to (a) MT4 Range bars and MT4 Renko bricks?

The brickcharts link seem dint worked, a new page straight jump up and said “Did not process request from 1.32.67.22 due to Spam Sources”. How to solve this problem?

I think it is an issue with your IP address being an IP noted for spamming.

RANGE BAR GENERATOR V2 Metatrader 4 Indicator.

Try RANGE BAR GENERATOR V2 Metatrader indicator in your mt4 platform. This is also known as RANGE BAR GENERATOR V2 indicator. Read our tutorial on installing indicators below if you are not sure how to add this indicator into your trading platform.

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